Second Quarter Financial Results
(Q2 EPS of -$0.18 misses by $0.01)
For the second quarter ended July 31, 2016, total operating expenses were $5.0 million, compared with total operating expenses of $3.6 million in the prior fiscal year's second quarter. The increase in operating expenses resulted primarily from higher spending for the company's acne drug clinical trials.
Recent Highlights:
*Completed a Phase 2a study of BPX-01 topical minocycline for acne which reduced P. acnes by more than 90%, based on analysis in the per protocol population, with no adverse cutaneous side-effects and no detectable levels of minocycline in the plasma.
*Enrolled its first patient in its Phase 2b study of BPX-01 topical minocycline for acne, which will assess the efficacy of BPX-01 on reducing lesions caused by P. acnes.
*Completed two comparative pharmacokinetics (PK) studies of oral minocycline to topical BPX-01:
•28-day clinical PK study found no detectable minocycline in skin after two weeks of daily oral treatment with a 1-2 mg/kg dose, but did show minocycline concentrations in plasma;
•Oral gavage versus BPX-01 minipig study found minocycline in the plasma for minipigs in the oral group, but no minocycline in the plasma for the topical group. At the same time, the minipig study detected minocycline in the skin of the topical group, but found no minocycline in the skin of the oral group.
"Our Phase 2a clinical trial exceeded expectations by not only showing BPX-01 can effectively reduce P. acnes bacteria, but that it can do so safely," said Anja Krammer, president of BioPharmX Corporation. "We are excited to further the development of our topical minocycline gel, which rivals oral minocycline in eliminating P. acnes without the adverse side effects and has the potential to make a significant impact in the treatment options available for patients with acne."
